About BRICS

• BRICS brings together five major emerging economies- China, Brazil, Russia, India and South Africa. These 5 countries host 41% of the world population, contributing 31% of the world GDP and over 16% share in world trade.
• The grouping was formalised during the first meeting of BRIC (Brazil, Russia, India and China) Foreign Ministers on the margins of the UNGA meet in New York in September 2006.
• South Africa was added to the grouping in 2011 creating “BRICS”.
• BRICS cooperation is aimed at complementing and strengthening existing bilateral and multilateral relations among member countries.
• The Chairship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
• Cooperation among members is predicated on three levels or “tracks” of interaction, namely:
  • Track I: Formal diplomatic engagement between the national governments
  • Track II: Engagement through government-affiliated institutions, e.g. state-owned enterprises and business councils
  • Track III: Civil society and “people-to-people” engagement.

Significant developments of BRICS

New Development Bank

• The New Development Bank (NDB) was established by the BRICS countries. It formally came into existence at the Ufa Summit (Russia) in 2015.
• It was established with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions toward global growth and development.
• In 2018, the NDB received observer status in the UN General Assembly.
• The Bank’s membership is open to members of the United Nations. 

Contingency Reserve 

• The BRICS Contingent Reserve Arrangement (CRA) is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.

BRICS Expansion

• In a landmark decision, members of the BRICS recently declared expansion of the grouping by welcoming six new countries into the fold.
• During the 15th BRICS summit in Johannesburg, the grouping had invited six new members — Iran, Saudi Arabia and the United Arab Emirates (UAE) from West Asia; Egypt and Ethiopia from Africa, and Argentina from Latin America Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates — to join as full members from January 1 next year.

Why in News?

• The 8th BRICS International Competition Conference (BRICS ICC) 2023 was inaugurated in New Delhi.
• The Competition Commission of India (CCI) is hosting the Conference on the theme, New Issues in Competition Law and Policy – Dimensions, Perspective, Challenges, from 11th – 13th October, 2023.  
• The conference has brought together heads and officials of BRICS competition authorities, competition policy experts, representatives of international organisations, and other stakeholders from across continents to enable exchange of insights on the new and emerging areas of importance in competition law and policy.

https://pib.gov.in/PressReleasePage.aspx?PRID=1967053